ATLANTA — A fledgling, artificial intelligence (AI) startup founded by two Duke University grads has closed on a round of venture funding.
Toucan AI – started by North Carolina natives and Duke grads Arjun Devarajan and Vishnu Menon – raised an undisclosed sum from a number of sources. They include MTT Ventures, Silicon Road, Seraph Group and a syndicate of angel investors.
The startup said it would use the funds to support its growth on the Shopify App store, an online selling platform that enable entrepreneurs to create a store and host it on the platform web servers.
“We’re very excited about the level of interest we have received from Shopify sites, the Shopify Partners Program, our new investors, and our selection as a showcase company for Venture Atlanta, the biggest venture capital conference in the Southeast,” said Arjun Devarajan, CEO and co-founder of Toucan AI, in a statement.
Toucan AI helps companies who sell products online accelerate their growth. E-commerce sites use Toucan to create an AI salesperson that guides shoppers through purchases with smart and personalized conversations and can be set up in under five minutes.
“Shopify store owners have told us that while Shopify has made it easy for them to start their businesses, growth is still extremely challenging. We want to help them recreate the best online sales experience for their shoppers. Other chat solutions are largely designed to support basic customer support questions, not sales, and are prohibitively time-consuming and costly to integrate.” said Devarajan. “Toucan’s Shopify App is a one-click installation for Shopify site owners, and the AI immediately gets to work getting customers to make purchases on the site.”
Devarajan and Vishnu Menon started Toucan after graduating from Duke University together, but relocated to the Georgia Tech’s incubator in Midtown Atlanta, the Advanced Technology Development Center (ATDC), to help them recruit machine-learning engineers.
Toucan AI previously graduated from the Play Labs accelerator at MIT.